Ola Electric Shares Rise Over 6% After Hitting Three-Week Low As Lock In Period Expires
Shares of Ola Electric Mobility Ltd. recovered from the three-week low it hit during early trade to rise over 6% on Monday. The shares had fallen over 5% during the early session as anchor investors prepared to sell shares. In the first round of share sale, anchor investors will release 18.17 crore shares, or 4.08% of its total equity.
Anchor investors are required to hold stakes for a minimum of 30 days. They can sell up to 50% of their current holding. The next round of anchor books is available for sale on Nov. 8.
Ola Electric Mobility stock listed flat on Aug. 9, compared to an issue price of Rs 76 apiece. On the listing day, the stock ended 20% higher at Rs 91.2 apiece on the National Stock Exchange.
Shares of Ola Electric Mobility fell as much as 4.44%, the lowest level since Aug. 14, only to rebound and close 4.57% higher at Rs 114.58 per share, compared to a 0.34% advance in the NSE Nifty 50.
The stock has gained 25.64% since listing on Aug. 9.
Both the analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 30.5%.
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